Quote of the week
“[W]e know what Full Tilt Poker really did wrong: It failed to obtain a Federal Reserve charter.” – Addison Wiggin
by Wendy McElroy
“The IRS is making a worldwide push to squeeze money from Americans living abroad and from anyone who holds dual citizenship, whether they know it or not. It doesn’t matter if the `duals’ want U.S. status, have never set foot on U.S. soil or never conducted business with an American. It doesn’t matter if those targeted owe a single cent to the IRS. Unlike almost every other nation in the world, the United States requires citizens living abroad to file tax forms on the money they do not owe as well as to report foreign bank accounts or holdings such as stocks or RSSPs. The possible penalty for not reporting is $10,000 per `disclosed asset’ per year.” more…
by Ron Paul
“Yes, you could have gone to the Solyndra factory and you would have seen jobs. What you could not have seen were the productive jobs that were never created. Real venture capitalists make decisions based not on politics and photo opportunities, but on complex economic estimations of risk and reward. They don’t simply throw piles of other people’s money at a factory and expect magic to happen. The uncreated jobs you can’t see might still be around. Instead, we have more government debt which will lead to more inflation and more taxes. These, in addition to an already hostile regulatory environment, only add to the burden and risk of job creation in the private economy.” more…
by Szandor Blestman
“They continue to question Dr. Paul’s sanity and the validity of his ideas, but it seems to me that it is their ideas that are crazy. It’s crazy to bomb people into oblivion and expect them to be thankful. It’s crazy to occupy their lands and lay claim to their natural resources and expect them to be welcoming. It’s crazy to send soldiers to foreign lands, have them shoot up the place, torture and kill without accountability and expect the people of that land to be less than resentful. It is beyond me how those who continue to make excuses for these occupations cannot see how such behavior makes enemies, not friends. It is beyond me how they can truly believe these wars are anything less than the strong bullying the weak.” more…
- With 13%, Ron Paul is polling a strong third again, behind Perry and Romney.
- Mexican President Felipe Calderon hints at drug legalization.
- Tax the rich? How do you define rich?
- Ron Paul rocks the house.
And now the numbers…
DOW Jones Industrials – 10,771.48 (-737.61/-6.41%)
S&P 500 – 1,136.43 (-79.58/-6.54%)
VIX – 41.25 (+10.27/33.15%)
CSI 300 (China) – 2,669.478 (-64.509/-2.36%)
BSE 500 (India) – 6,356.36 (-239.98/-3.64%)
MICEX (Russia) – 1,327.19 (-184.31/-12.19%)
BOVESPA (Brazil) – 53,230.36 (-3,979.75/-6.96%)
Nikkei 225 (Japan) – 8,560.26 (-303.90/-3.43%)
RICI (Commodities) – 3,534.22 (-339.69/-8.77%)
Oil/bbl (Brent) – 103.97 (-8.25/-7.35%)
Corn/bu – 638.50 (-53.50/-7.73%)
Wheat/bu (CBT) – 640.75 (-47.50/-6.90%)
Rough Rice (CBOT) – 16.485 (-1.405/-7.85%)
Copper/lb – 328.00 (-65.15/-16.57%)
Gold/oz – 1,639.80 (-174.90/-9.64%)
Silver/oz – 30.101 (-10.73/-26.28%)
EUR-USD – 1.3501 (-0.0295/-2.14%)
USD-JPY – 76.6083 (-0.1867/-0.24%)
USD-BRL – 1.8339 (+0.1008/5.82%)
NZD-USD – 0.7766 (-0.0526/-6.34%)
3 Month Treasury – -0.01 (-0.01/INF%)
2 Year Treasury – 0.22 (+0.05/29.41%)
10 Year Treasury – 1.83 (-0.22/-10.73%)
30 Year Treasury – 2.90 (-0.41/-12.39%)
3 Month LIBOR – 0.36 (+0.01/2.86%)
U.S. Public Debt (official) – 14,726,790,408,000.00 (+29,826,838,200.00/0.20%)
Baltic Dry Index (BDIY:IND) – 1,920.00 (+106.00/5.84%)
It’s been a nice week. Pretty productive at work. Passed my sailing test today. Took the dog to the dog park. Went shopping with Little Bear. Ate a nice dinner with my family. Good stuff.
Ron Paul came in fifth in the Florida straw poll behind Cain, Perry, Romney, and Santorum. It’s definitely big news for Cain, but I don’t believe Florida is a good indicator of national mood. The demographics are decidedly “blue hair”. As for Cain, all I can say is that anyone who has ever been a Federal Reserve Chairman should not even get to be in the same room as the President of the United States, much less hold the office himself.
Meanwhile the search for a “Reagan reborn” continues, this despite the fact that the reincarnation of Thomas Jefferson is starring us right in the face.
That’s all I’ve got for today. Have a great weekend!